America's Cup- Emirates Team NZ comments on funds injection

Emirates Team New Zealand today welcomed an interim Government investment of $5 million towards the team’s challenge for the 35th America’s Cup.

Economic Development Minister Steven Joyce said the bridging funding would enable the team to retain designers, sailors, support crew and administration for the next challenge.

Managing director Grant Dalton said the team was working on the challenge almost from the last race day in San Francisco. 'The extent of the enthusiastic reception when we arrived back in New Zealand was both unexpected and encouraging and an incentive to challenge again.

'We have been talking informally to existing and potential sponsors. We will begin to develop a business plan and sponsorship proposals so that we can start calling on them from next month.'

He said the team, and sponsors, looked forward to the announcement of the rules for the 35th America’s Cup early in the New Year.

'Decisions by Oracle on venue, dates and class of yacht are fundamental to the way ahead.'